Eastman Kodak (KODK) swings to a loss in Q2 2020; revenue drops 31%

Eastman Kodak (NYSE: KODK) reported a loss of $5 million on revenue of $213 million in the second quarter of 2020. The company earned $201 million in the prior-year quarter. Revenue tumbled 31% from prior-year’s $307 million. Despite the loss and revenue plunge, KODK stock jumped about 10% in the after-market trading session.

KODK stock hit a fresh 52-week high ($60.00) on July 29, after it received a $765 million loan offer from the US International Development Finance Corporation to speed up the production of drugs, which are in short supply and those considered critical to treat Covid-19.

However, KODK stock plunged 28% on Monday following the DFC’s below tweet. Shares of Eastman Kodak continued to bleed today and closed down 6.71% at $10.01.

Last Friday night, the federal agency announced that the offer is withheld pending probes into allegations of wrongdoing by the company. The Congress and SEC are now investigating the deal.

Eastman Kodak also appointed a special committee of independent directors of the Board on Friday to review the recent activities. The Committee, comprised of directors Jason New and William Parrett, will oversee an internal review of recent activity by the company and related parties in connection with the announcement of a potential loan by the DFC to support the launch of Kodak Pharmaceuticals.

Looking forward to read what management and analysts discuss on quarterly results? Stay tuned here for Eastman Kodak Q2 2020 earnings call transcript